By Jessica Fiur, News Editor
Colorado Springs, Colo.—Could Colorado Springs, Colo., be the next hot spot for multifamily? Western National Group (WNG), which partnered with Nor’wood Development Group, sure believes so, with three multifamily projects in the works in that area.
What makes this area so attractive to WNG, a multifamily acquisition, development, construction and property management firm headquartered in Irvine, Calif., and Nor’wood Development Group, a developer locally-owned in Colorado Springs? For one thing, the surrounding area is ideal for professionals and young families.
“The sites are located within good school districts, [and] employment and shopping are very close by,” Kevin Hampton, vice president of development for WNG affiliate Western National Realty Advisors, tells MHN.
This is a first-time pairing for the developers, but Hampton believes that this will not be the last. He cites the benefits of WNG teaming up with Nor’wood to include access to infill locations, as well as their “vast experience” with the local economic cycles and real estate development.
“We view our relationship with Nor’wood as long-term, extending well beyond the projects currently in the works,” Hampton says.
The first development will be a 315-unit community in the First & Main Town Center, with the groundbreaking scheduled for early 2012. Following this development will be a 260-unit community in the North Pointe complex in the Rockrimmon submarket. The design for the third development, which will be located at Woodman & Powers near the St. Francis Medical Center, is still in the works.
According to Hampton, “the projects incorporate amenities such as theaters, business centers, fitness rooms and playgrounds.” Additionally, Hampton says that though not finalized yet, when completed the communities will “incorporate energy efficiency within the individual units and common area facilities.”
Though each of the communities will feature similar amenities, “each location is unique and will blend with the surrounding neighborhoods and submarkets,” Hampton says.
Time will tell if the joint venture will pay off, but Hampton remains optimistic about the three new developments.
“We have successfully developed and operated projects in the Colorado Springs market in the past,” he says. “We think the market is attractive due to many factors. In addition, Colorado Springs has not experience a lot of new construction in the past five years, which has resulted in a shrinking vacancy of existing product. Demand for our new multifamily projects should be quite strong.”